{"id":18073,"date":"2026-07-31T06:39:43","date_gmt":"2026-07-31T13:09:43","guid":{"rendered":"https:\/\/shoonya.com\/blog\/?p=18073"},"modified":"2026-08-02T23:21:45","modified_gmt":"2026-08-03T05:51:45","slug":"closing-auction-session","status":"publish","type":"post","link":"https:\/\/shoonya.com\/blog\/closing-auction-session\/","title":{"rendered":"SEBI&#8217;s Closing Auction Session (CAS): What Changes From 3 August 2026"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_87 counter-hierarchy ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\"><p class=\"ez-toc-title\" style=\"cursor:inherit\"><\/p>\n<\/div><nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#What_Is_the_Closing_Auction_Session_CAS\" >What Is the Closing Auction Session (CAS)?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#Key_Highlights_of_CAS\" >Key Highlights of CAS<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#What_Are_the_CAS_Timings\" >What Are the CAS Timings?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#How_Does_CAS_Determine_the_Closing_Price\" >How Does CAS Determine the Closing Price?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#How_Was_the_Closing_Price_Calculated_Before_CAS\" >How Was the Closing Price Calculated Before CAS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#Why_Has_SEBI_Introduced_CAS_in_Place_of_VWAP\" >Why Has SEBI Introduced CAS in Place of VWAP?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#What_Is_the_Objective_of_CAS\" >What Is the Objective of CAS?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#What_Are_the_Key_Benefits_of_the_Closing_Auction_Session\" >What Are the Key Benefits of the Closing Auction Session?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-9\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#Why_Does_CAS_Matter_for_Investors\" >Why Does CAS Matter for Investors?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-10\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#Continuous_Trading_Session_CTS_vs_Closing_Auction_Session_CAS\" >Continuous Trading Session (CTS) vs Closing Auction Session (CAS)<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-11\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#Conclusion\" >Conclusion<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-12\" href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/#What_is_CAS_FAQs\" >What is CAS: FAQs<\/a><\/li><\/ul><\/nav><\/div>\n<nav style=\"--separator: &quot;\/&quot;\" class=\"wp-block-breadcrumbs\" aria-label=\"Breadcrumbs\"><ol><li><a href=\"https:\/\/shoonya.com\/blog\/\">Home<\/a><\/li><li><a href=\"https:\/\/shoonya.com\/blog\/stock-market\/\">Stock Market<\/a><\/li><li><span aria-current=\"page\">SEBI&#8217;s Closing Auction Session (CAS): What Changes From 3 August 2026<\/span><\/li><\/ol><\/nav>\n\n\n<meta charset=\"UTF-8\">\n<meta name=\"viewport\" content=\"width=device-width, initial-scale=1.0\">\n \n<link href=\"https:\/\/fonts.googleapis.com\/css2?family=Bricolage+Grotesque:opsz,wght@12..96,400;12..96,600;12..96,700;12..96,800&amp;family=Figtree:ital,wght@0,300;0,400;0,500;0,600;1,400&amp;display=swap\" rel=\"stylesheet\">\n<style>\n  :root {\n    --forest:   #082F24;\n    --mustard:  #EFA145;\n    --reddish:  #AA573D;\n    --white:    #FFFFFF;\n    --fresh:    #EEFFF2;\n    --bg:       #FAFAF8;\n    --surface:  #FFFFFF;\n    --text:     #1C2B24;\n    --muted:    #5A6B62;\n    --border:   #E2EDE6;\n    --green:    #1A6B40;\n  }\n  .blog-wrap, .blog-wrap * { box-sizing: border-box; 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flex-wrap: wrap; justify-content: center; gap: 10px; margin-bottom: 28px; }\n  .final-pill { background: rgba(239,161,69,0.12); border: 1px solid rgba(239,161,69,0.3); color: var(--mustard); font-size: 13px; font-weight: 600; padding: 7px 16px; border-radius: 20px; }\n  .final-cta a { display: inline-flex; background: var(--mustard); color: var(--forest); font-family: 'Bricolage Grotesque', sans-serif; font-weight: 800; font-size: 15px; padding: 14px 32px; border-radius: 8px; text-decoration: none; transition: opacity 0.15s; }\n  .final-cta a:hover { opacity: 0.9; }\n\n  \/* DISCLAIMER *\/\n  .disclaimer { font-size: 12px; color: var(--muted); line-height: 1.7; padding: 16px 20px; background: #F4F4F0; border-radius: 8px; border: 1px solid #E4E4DC; margin: 16px 0; }\n\n  @media (max-width: 640px) {\n    .blog-wrap table { font-size: 14.5px; }\n  }\n<\/style>\n\n\n\n<div class=\"blog-wrap\">\n  <div class=\"prose\">\n\n    <p>The closing price of a stock does more than mark the end of the trading day. It feeds into benchmark indices like the Nifty 50 and Sensex, decides the NAV of your mutual funds and ETFs, settles F&amp;O contracts, and values entire portfolios.<\/p>\n    <p>To make this reference point fairer and harder to influence in the final minutes of trading, SEBI has introduced the Closing Auction Session (CAS), replacing the older VWAP-based method for a set of eligible securities.<\/p>\n    <p>This blog explains what CAS is, how the new price discovery process works, and what it means for you as an investor.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"What_Is_the_Closing_Auction_Session_CAS\"><\/span>What Is the Closing Auction Session (CAS)?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n    <div class=\"definition-box\">\n      <div class=\"def-label\">CAS \u2014 Closing Auction Session<\/div>\n      <p>CAS is a special auction-based trading session introduced by SEBI for cash market securities that also have F&amp;O contracts available (CAS-eligible securities).<\/p>\n      <p>Effective <strong>03 August 2026<\/strong>, this session runs between <strong>3:15 PM and 3:30 PM<\/strong> on all trading days.<\/p>\n    <\/div>\n\n    <h3>How It Differs From Continuous Trading<\/h3>\n    <p>In the regular Continuous Trading Session (CTS), buy and sell orders are matched and executed the moment prices align. CAS works differently. During its auction window, eligible buy and sell orders are simply collected, not executed immediately.<\/p>\n\n    <h3>How the Price Gets Determined<\/h3>\n    <p>At the end of the auction, the exchange works out a single equilibrium price that maximises the quantity of shares that can be traded, applying a set of prescribed auction rules. Every eligible order matched during the auction executes at this one price, which then becomes the official closing price for the day.<\/p>\n    <p>The exchange arrives at this price using:<\/p>\n    <ul>\n      <li>Maximum executable quantity<\/li>\n      <li>Indicative Equilibrium Price (IEP)<\/li>\n      <li>Predefined tie-breaking rules<\/li>\n      <li>Aggregate buy and sell order book<\/li>\n    <\/ul>\n\n    <h2><span class=\"ez-toc-section\" id=\"Key_Highlights_of_CAS\"><\/span>Key Highlights of CAS<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <ul>\n      <li><strong>Effective date:<\/strong> CAS goes live from 03 August 2026.<\/li>\n      <li><strong>Applicability:<\/strong> Initially limited to equity securities in the cash segment that have listed F&amp;O contracts.<\/li>\n      <li><strong>Timings:<\/strong> Conducted from 3:15 PM to 3:30 PM on all trading days; the final closing price is set during the closing process after the auction.<\/li>\n      <li><strong>Price discovery:<\/strong> Orders are collected during the session and matched at a single equilibrium price, not executed one by one.<\/li>\n      <li><strong>Official closing price:<\/strong> The equilibrium price where the maximum tradable quantity gets matched becomes the day&#8217;s closing price.<\/li>\n      <li><strong>No change for non-CAS securities:<\/strong> These continue with the existing VWAP-based methodology until notified otherwise.<\/li>\n      <li><strong>Extended F&amp;O hours:<\/strong> The Equity Derivatives segment stays open until 3:40 PM to stay aligned with CAS.<\/li>\n    <\/ul>\n\n    <h2><span class=\"ez-toc-section\" id=\"What_Are_the_CAS_Timings\"><\/span>What Are the CAS Timings?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>CAS runs as a separate 20-minute session between 3:15 PM and 3:35 PM, broken into the following sub-periods:<\/p>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Session<\/th><th>Time<\/th><th>Remarks<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>Order Entry Period<\/td><td>3:20 PM \u2013 3:25 PM<\/td><td>Order entry, modification, and cancellation for both limit and market orders.<\/td><\/tr>\n          <tr><td>Order Entry Period (continued)<\/td><td>3:25 PM \u2013 3:30 PM*<\/td><td>Only limit orders can be entered, modified, or cancelled. No changes allowed to market orders. *System-driven random closure in the last 2 minutes.<\/td><\/tr>\n          <tr><td>Order Matching &amp; Trade Confirmation<\/td><td>3:30 PM \u2013 3:35 PM<\/td><td>Begins right after order entry ends. Orders are matched and trades confirmed.<\/td><\/tr>\n          <tr><td>Transition Period<\/td><td>3:35 PM \u2013 3:50 PM<\/td><td>Transition from CAS to the post-closing session.<\/td><\/tr>\n          <tr><td>Post Close Session<\/td><td>3:50 PM \u2013 4:00 PM<\/td><td>No change to existing post-close modalities apart from timing.<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <div class=\"callout callout-warning\">\n      <div class=\"callout-icon\">\u26a0\ufe0f<\/div>\n      <div class=\"callout-body\">\n        <div class=\"callout-label\">Investor Advisory<\/div>\n        <p>Review your open orders before the CAS period begins and familiarise yourself with the revised order handling process during the closing session.<\/p>\n      <\/div>\n    <\/div>\n\n    <p style=\"font-size:14px; color:var(--muted);\">Note: The reference price for CAS is the Volume Weighted Average Price (VWAP) of trades executed during the last 30 minutes of the Continuous Trading Session. This only serves as the starting reference for the auction \u2014 it is different from the final closing price discovered through CAS.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"How_Does_CAS_Determine_the_Closing_Price\"><\/span>How Does CAS Determine the Closing Price?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>CAS arrives at the official closing price through a four-step, auction-based process.<\/p>\n\n    <h3>Step 1: Order Collection<\/h3>\n    <p>During the order entry period, investors place, modify, or cancel eligible buy and sell orders. No trades execute during this phase.<\/p>\n\n    <h3>Step 2: Price Discovery<\/h3>\n    <p>Once the order entry window closes, the exchange evaluates every buy and sell order at each price level and calculates the executable quantity at each price, then identifies the price where the highest trading volume can be matched. If more than one price qualifies, predefined tie-breaking rules decide the final equilibrium price.<\/p>\n\n    <h3>Step 3: Order Matching<\/h3>\n    <p>Once the equilibrium price is set, all eligible buy and sell orders are matched simultaneously at that single price.<\/p>\n\n    <h3>Step 4: Official Closing Price<\/h3>\n    <p>The equilibrium price becomes the stock&#8217;s official closing price for the trading day.<\/p>\n\n    <h3>Example of CAS Price Discovery<\/h3>\n    <p>Suppose the following orders are available during the CAS for ABC Ltd:<\/p>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Buy Orders (Qty)<\/th><th>Price (\u20b9)<\/th><th>Sell Orders (Qty)<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>1,500<\/td><td>105<\/td><td>1,000<\/td><\/tr>\n          <tr><td>2,000<\/td><td>104<\/td><td>2,500<\/td><\/tr>\n          <tr><td>3,000<\/td><td>103<\/td><td>2,000<\/td><\/tr>\n          <tr><td>1,000<\/td><td>102<\/td><td>1,500<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <p>The exchange then evaluates cumulative buy and sell quantities at each price:<\/p>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Price (\u20b9)<\/th><th>Cumulative Buy Qty<\/th><th>Cumulative Sell Qty<\/th><th>Matched Qty<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>105<\/td><td>1,500<\/td><td>7,000<\/td><td>1,500<\/td><\/tr>\n          <tr><td>104<\/td><td>3,500<\/td><td>6,000<\/td><td>3,500<\/td><\/tr>\n          <tr><td>103<\/td><td>6,500<\/td><td>3,500<\/td><td>3,500<\/td><\/tr>\n          <tr><td>102<\/td><td>7,500<\/td><td>1,500<\/td><td>1,500<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <div class=\"example-box\">\n      <div class=\"ex-label\">Result<\/div>\n      <p>At both \u20b9104 and \u20b9103, 3,500 shares can be matched. Since the matched quantity is tied, the exchange applies its tie-breaking rules (such as minimising order imbalance and other exchange-defined criteria) to pick the final price. Assume the exchange selects \u20b9104.<\/p>\n      <p><strong>Official closing price:<\/strong> \u20b9104 &nbsp;|&nbsp; <strong>Total shares executed:<\/strong> 3,500 &nbsp;|&nbsp; <strong>Execution price for all matched orders:<\/strong> \u20b9104<\/p>\n    <\/div>\n\n    <p><strong>Key takeaway:<\/strong> Under CAS, the official closing price is not the last traded price. It is the equilibrium price at which the maximum number of buy and sell orders can be matched, keeping end-of-day price discovery fair and transparent.<\/p>\n\n    <h3>A Second Example<\/h3>\n    <p>Suppose the following orders are available during CAS:<\/p>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Buy Orders (Qty)<\/th><th>Price<\/th><th>Sell Orders (Qty)<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>100<\/td><td>\u20b9101<\/td><td>150<\/td><\/tr>\n          <tr><td>300<\/td><td>\u20b9100<\/td><td>200<\/td><\/tr>\n          <tr><td>200<\/td><td>\u20b999<\/td><td>250<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Price<\/th><th>Cumulative Buy Qty<\/th><th>Cumulative Sell Qty<\/th><th>Executable Qty<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>\u20b9101<\/td><td>100<\/td><td>350<\/td><td>100<\/td><\/tr>\n          <tr><td>\u20b9100<\/td><td>400<\/td><td>150<\/td><td>150<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <h2><span class=\"ez-toc-section\" id=\"How_Was_the_Closing_Price_Calculated_Before_CAS\"><\/span>How Was the Closing Price Calculated Before CAS?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>Under the previous NSE methodology, the closing price was the Volume Weighted Average Price (VWAP) of all trades executed in the last 30 minutes of the Continuous Trading Session, weighted by trade volume, and applicable to all equity shares.<\/p>\n\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Parameter<\/th><th>Current NSE Method<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>Method<\/td><td>Volume Weighted Average Price (VWAP)<\/td><\/tr>\n          <tr><td>Calculation Window<\/td><td>3:00 PM to 3:30 PM<\/td><\/tr>\n          <tr><td>Price Used<\/td><td>Weighted average of all trades executed during the last 30 minutes<\/td><\/tr>\n          <tr><td>Weighting Basis<\/td><td>Trade Volume<\/td><\/tr>\n          <tr><td>Applicable To<\/td><td>All equity shares under the current methodology<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <div class=\"definition-box\">\n      <div class=\"def-label\">VWAP Formula<\/div>\n      <p>Closing Price (VWAP) = \u2211(Trade Price \u00d7 Trade Quantity) \u00f7 \u2211(Trade Quantity)<\/p>\n    <\/div>\n\n    <div class=\"example-box\">\n      <div class=\"ex-label\">Example<\/div>\n      <p>Trades: \u20b9100 \u00d7 1,000 qty at 3:05 PM, \u20b9101 \u00d7 2,000 qty at 3:12 PM, \u20b9102 \u00d7 500 qty at 3:20 PM, \u20b999 \u00d7 1,500 qty at 3:28 PM.<\/p>\n      <p>VWAP = (100\u00d71000 + 101\u00d72000 + 102\u00d7500 + 99\u00d71500) \u00f7 (1000+2000+500+1500) = (100000 + 202000 + 51000 + 148500) \u00f7 5000 = <strong>\u20b9100.30<\/strong><\/p>\n      <p>The official closing price under this method would be \u20b9100.30.<\/p>\n    <\/div>\n\n    <h2><span class=\"ez-toc-section\" id=\"Why_Has_SEBI_Introduced_CAS_in_Place_of_VWAP\"><\/span>Why Has SEBI Introduced CAS in Place of VWAP?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>Under the previous methodology, the closing price relied on VWAP of trades in a narrow window near market close, leaving it exposed to influence from a handful of last-minute trades.<\/p>\n    <p>Under CAS, the closing price is drawn from the entire eligible order book, so it reflects overall market demand and supply rather than a thin slice of late trading activity. This makes the closing price more transparent, more robust, and less susceptible to manipulation.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"What_Is_the_Objective_of_CAS\"><\/span>What Is the Objective of CAS?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>CAS is designed to determine a fair, transparent, market-driven closing price by pooling all eligible buy and sell orders into a single auction at the end of the trading day.<\/p>\n    <p>Unlike continuous trading, where prices shift with every matched order, CAS aggregates orders first and then determines one equilibrium price where the maximum quantity of shares can trade.<\/p>\n\n    <h2><span class=\"ez-toc-section\" id=\"What_Are_the_Key_Benefits_of_the_Closing_Auction_Session\"><\/span>What Are the Key Benefits of the Closing Auction Session?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>CAS offers five key benefits: better price discovery, greater transparency, reduced price impact, improved index and ETF accuracy, and alignment with global best practices.<\/p>\n    <ul>\n      <li><strong>Better price discovery:<\/strong> Pooling all eligible orders into one auction helps the market find a closing price that truly represents end-of-day demand and supply.<\/li>\n      <li><strong>Greater transparency:<\/strong> Every participant submits orders in the same auction window, and the final price is set through a predefined exchange mechanism.<\/li>\n      <li><strong>Reduced price impact:<\/strong> Large institutional orders near market close are absorbed into a common auction pool, minimising their impact on price.<\/li>\n      <li><strong>Improved accuracy for indices and ETFs:<\/strong> A more representative closing price helps indices, ETFs, and index funds track their benchmarks more accurately.<\/li>\n      <li><strong>Alignment with global practices:<\/strong> Leading exchanges like the NYSE and LSE already use closing auction mechanisms, and CAS brings Indian markets in line with this global norm.<\/li>\n    <\/ul>\n\n    <h2><span class=\"ez-toc-section\" id=\"Why_Does_CAS_Matter_for_Investors\"><\/span>Why Does CAS Matter for Investors?<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>For retail and institutional investors alike, CAS strengthens market efficiency by ensuring the official closing price comes from a robust auction process rather than a handful of last-minute trades. This leads to:<\/p>\n    <ul>\n      <li>More reliable closing prices<\/li>\n      <li>Improved market integrity<\/li>\n      <li>Better execution opportunities for large orders<\/li>\n      <li>Greater confidence in index and portfolio valuations<\/li>\n      <li>Enhanced fairness and transparency in end-of-day trading<\/li>\n    <\/ul>\n\n    <h2><span class=\"ez-toc-section\" id=\"Continuous_Trading_Session_CTS_vs_Closing_Auction_Session_CAS\"><\/span>Continuous Trading Session (CTS) vs Closing Auction Session (CAS)<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <div class=\"table-wrap\">\n      <table>\n        <thead>\n          <tr><th>Feature<\/th><th>Continuous Trading Session<\/th><th>Closing Auction Session<\/th><\/tr>\n        <\/thead>\n        <tbody>\n          <tr><td>Objective<\/td><td>Continuous trading throughout the day<\/td><td>Determine a fair, transparent closing price<\/td><\/tr>\n          <tr><td>Order Execution<\/td><td>Executed immediately upon matching<\/td><td>Collected first, executed together after auction<\/td><\/tr>\n          <tr><td>Price Discovery<\/td><td>Continuous throughout the session<\/td><td>Single equilibrium price via auction<\/td><\/tr>\n          <tr><td>Order Matching<\/td><td>Continuous real-time matching<\/td><td>Auction-based, after order collection period<\/td><\/tr>\n          <tr><td>Closing Price<\/td><td>Earlier based on VWAP of last 30 minutes<\/td><td>Equilibrium price of maximum matched orders<\/td><\/tr>\n          <tr><td>Liquidity<\/td><td>Distributed throughout the session<\/td><td>Consolidated into a single closing auction<\/td><\/tr>\n          <tr><td>Price Impact<\/td><td>Large orders may sway the closing price<\/td><td>Impact of large orders reduced via auction matching<\/td><\/tr>\n        <\/tbody>\n      <\/table>\n    <\/div>\n\n    <h2><span class=\"ez-toc-section\" id=\"Conclusion\"><\/span>Conclusion<span class=\"ez-toc-section-end\"><\/span><\/h2>\n    <p>As Indian capital markets continue to evolve, the Closing Auction Session is set to play a meaningful role in end-of-day price discovery, making closing prices more efficient, reliable, and aligned with global standards. Knowing how CAS works helps you place, modify, and time your orders with more confidence as the trading day wraps up.<\/p>\n\n   \n\n    <h2><span class=\"ez-toc-section\" id=\"What_is_CAS_FAQs\"><\/span>What is CAS: FAQs<span class=\"ez-toc-section-end\"><\/span><\/h2>\n\n    <div class=\"faq-item\">\n      <h3>What is the Closing Auction Session (CAS)?<\/h3>\n      <p>CAS is an auction-based mechanism introduced by SEBI to determine the official closing price of eligible equity securities, replacing the earlier VWAP-based method.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>From when is CAS effective?<\/h3>\n      <p>CAS is effective from 03 August 2026.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>Which stocks are covered under CAS?<\/h3>\n      <p>CAS initially applies to equity securities in the cash segment that have listed F&amp;O contracts.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>What are the CAS timings?<\/h3>\n      <p>CAS runs from 3:15 PM to 3:35 PM, with reference price calculation, order entry, and order matching sub-periods within that window.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>How is the closing price decided under CAS?<\/h3>\n      <p>It is decided by the equilibrium price at which the maximum quantity of buy and sell orders can be matched, based on the aggregate order book.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>Is the CAS closing price the same as the last traded price?<\/h3>\n      <p>No, the closing price under CAS is the auction-determined equilibrium price, not the last traded price in continuous trading.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>What happens to stocks not covered by CAS?<\/h3>\n      <p>Non-CAS securities continue to use the existing VWAP-based closing price methodology until notified otherwise.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>Can I modify or cancel my order during CAS?<\/h3>\n      <p>Limit orders can be modified or cancelled only during the order entry period, with a system-driven random closure in the last two minutes. Market orders cannot be modified or cancelled during this window.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>Will F&amp;O trading hours change because of CAS?<\/h3>\n      <p>Yes, the Equity Derivatives (F&amp;O) segment will remain open until 3:40 PM to align with CAS.<\/p>\n    <\/div>\n    <div class=\"faq-item\">\n      <h3>Why did SEBI move away from the VWAP method?<\/h3>\n      <p>The VWAP method could be influenced by a limited number of trades near market close. CAS uses the entire eligible order book, making the closing price more transparent and less prone to manipulation.<\/p>\n    <\/div>\n\n <div class=\"final-cta\">\n      <h3>Still Have Questions?<\/h3>\n      <div class=\"final-pills\">\n        <span class=\"final-pill\">  Get answers on closing auction sessions, account opening, trading, charges, and more; all in one place.<\/span>\n       \n      <\/div>\n      <a href=\"https:\/\/faq.shoonya.com\/category\/closing-auction-session\/\">Browse All FAQs \u2192<\/a>\n    <\/div>\n\n  \n\n    <div class=\"disclaimer\">\n      <strong>Disclaimer:<\/strong> This content is for education and awareness purposes only and should not be considered investment advice or a recommendation. Investments in securities markets are subject to market risks. Read all the related documents carefully before investing.\n    <\/div>\n\n  <\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"<p>The closing price of a stock does more than mark the end of the trading day. It feeds into benchmark indices like the Nifty 50 and Sensex, decides the NAV of your mutual funds and ETFs, settles F&amp;O contracts, and values entire portfolios. To make this reference point fairer and harder to influence in the &hellip; <a href=\"https:\/\/shoonya.com\/blog\/closing-auction-session\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;SEBI&#8217;s Closing Auction Session (CAS): What Changes From 3 August 2026&#8221;<\/span><\/a><\/p>\n","protected":false},"author":17,"featured_media":18074,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":"","_members_access_role":[],"_members_access_error":""},"categories":[13],"tags":[10342,10338,10336,10339,10340,10337,10341],"class_list":["post-18073","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-stock-market","tag-auction-by-closing-date","tag-cas-timings","tag-closing-auction-session","tag-closing-auction-session-timings","tag-cts-vs-cas","tag-fo-contracts","tag-why-sebi-introduced-cas"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.4 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>From VWAP to CAS: SEBI&#039;s New Closing Price Mechanism<\/title>\n<meta name=\"description\" content=\"SEBI&#039;s Closing Auction Session (CAS) begins on 3 August 2026. 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